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Barnes Lipscomb & Stewart PLLC

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Is There a Limit to Social Security Tax?

“Once your earnings exceed a specific amount, you can stop paying into Social Security for the rest of the year.” If you’ve got a high salary, you may not need to pay Social Security tax on all of your earnings, according to the article “What is the Social Security Tax... Continue reading

Posted Feb 24, 2023 at Barnes Lipscomb & Stewart PLLC

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Presley Estate Battle Heating Up

“Priscilla Presley believes she should be in charge of daughter Lisa Marie Presley's estate. However, a legal document filed seven years ago suggests that wasn't what the singer-songwriter wanted should she die.” Expect a lot of twists and turns as the Lisa Marie Presley estate gets addressed, as detailed in... Continue reading

Posted Feb 23, 2023 at Barnes Lipscomb & Stewart PLLC

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Estate, Gift, and Generation Skipping Taxes for 2023

“The Internal Revenue Services has announced the inflation-adjusted figures for estate, gift and generation-skipping transfer (‘GST’) tax exemptions for 2023.” The new year brings new inflation-adjusted figures for many estate planning exemptions, as reported in the article “2023 Estate, Gift and GST Tax Changes” from mondaq. These should be considered... Continue reading

Posted Feb 22, 2023 at Barnes Lipscomb & Stewart PLLC

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Busting Some Estate Planning Myths

“While thinking about legacy planning can be unpleasant because it involves discussions about incapacity or mortality, it's an important aspect of good financial planning that shouldn't be ignored.” An estate plan consists of four basic documents: a last will, a living trust, a financial power of attorney and a medical... Continue reading

Posted Feb 21, 2023 at Barnes Lipscomb & Stewart PLLC

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Can a Revocable Trust Protect Assets from Creditors?

Can a Revocable Trust Protect Assets from Creditors? “With a revocable trust, you are typically both the founder and the trustee. This means that you both create the trust and manage its assets and operations.” Revocable trusts, sometimes referred to as “living trusts”, do not protect assets from creditors. They... Continue reading

Posted Feb 20, 2023 at Barnes Lipscomb & Stewart PLLC

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How Does an ABLE Account Work for a Special Needs Child?

“If you have a child or grandchild with disabilities, one of your biggest worries is what will happen when you are no longer around to provide aid.” For many families, a plan for the future includes an Achieving a Better Life Experience, or ABLE, account to allow those with disabilities... Continue reading

Posted Feb 17, 2023 at Barnes Lipscomb & Stewart PLLC

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What Is a Beneficiary Defective Inheritor’s Trust?

“A Beneficiary Defective Inheritor’s Trust, also known as a ‘BDIT,’ is a specific type of estate planning trust.” The purpose of a Beneficiary Defective Inheritor’s Trust is to allow an individual with a federal estate tax problem to maintain control of the assets to the maximum extent allowed by law.... Continue reading

Posted Feb 16, 2023 at Barnes Lipscomb & Stewart PLLC

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What’s the Best Way to Organize Your Estate Plan?

“Does somebody else know where it is in the event of your death or incapacity?” If you already have an estate plan, congratulations. However, do you remember where you put it? Does anyone but you know where it is? According to a recent article from The Press-Enterprise, “2023 check list:... Continue reading

Posted Feb 15, 2023 at Barnes Lipscomb & Stewart PLLC

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What Is a Tax Reimbursement Clause?

“Tax reimbursement clauses are a common clause in many trusts. Why are they used? Why are they important for you to understand?” To understand a tax reimbursement clause, you must first understand what a grantor trust is, and how it works. A grantor trust means the person creating the trust,... Continue reading

Posted Feb 14, 2023 at Barnes Lipscomb & Stewart PLLC

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What You Need to Know About Inheritance

“Heirs receiving an inheritance can expect the process to take time. Having a plan for the money and consulting with professionals are also things to keep in mind.” Receiving an inheritance is a mixed blessing. It usually comes after a loved one has passed, while you are grieving and trying... Continue reading

Posted Feb 13, 2023 at Barnes Lipscomb & Stewart PLLC

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Some Expenses are Paid by Estate and Some by Beneficiary

“If you’re set to inherit, you may be wondering what estate expenses are paid by the beneficiary. The answer can depend on what assets are passed on to you when a family member or loved one passes away.” Settling an estate can be complex and time-consuming—it all depends on how... Continue reading

Posted Jan 27, 2023 at Barnes Lipscomb & Stewart PLLC

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What Happens When Property Is Owned Jointly and an Owner Dies?

“Various types of property, such as bank accounts and real estate, can be owned jointly with another person(s).” When property is owned jointly, the property may pass automatically to the other owner, passing without going through probate, according to a recent article titled “Everything you need to know about jointly... Continue reading

Posted Jan 26, 2023 at Barnes Lipscomb & Stewart PLLC

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These Celebrities Didn’t have Wills…But You Should

“When the rapper Coolio died in September, he joined a group of notables that includes Prince, Howard Hughes and Pablo Picasso—all of whom died without specifying who should inherit their money and estate.” Rapper Coolio died at age 59 after being found unresponsive on the floor at a friend’s house.... Continue reading

Posted Jan 25, 2023 at Barnes Lipscomb & Stewart PLLC

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How Do I Reduce Size of My Taxable Estate?

“Today’s high estate and gift tax exemptions could be slashed in a few years. Maximize those and other benefits now.” The current lifetime estate and gift tax exemption is set to be cut by half after 2025, unless Congress acts to extend it, which doesn’t seem likely in the current... Continue reading

Posted Jan 24, 2023 at Barnes Lipscomb & Stewart PLLC

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Can I Protect My Family after Death?

“The future is uncertain. However, you can ensure that your family and loved ones are taken care of with estate planning. Estate planning is a critical component of financial planning for the future.” Estate planning involves a close look at personal and financial goals while you are living and after... Continue reading

Posted Jan 23, 2023 at Barnes Lipscomb & Stewart PLLC

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High Interest Rates Have an Impact on Estate Planning

“When the 7520 rate is low—as it has been for 15 years—opportunities for good planning abound. However, what about when the rate is high? Few estate planners have needed to ask themselves that question until very recently.” The Section 7520 rate has been low for the past 15 years and... Continue reading

Posted Jan 20, 2023 at Barnes Lipscomb & Stewart PLLC

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How Does a Trust Work?

“There’s no single path for everyone to follow. However, you might consider establishing a trust, which offers some key benefits.” You’ve worked hard to accumulate financial assets. You’ll need them to support your retirement. However, what if you also want to pass them on to loved ones? Trusts are used... Continue reading

Posted Jan 19, 2023 at Barnes Lipscomb & Stewart PLLC

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Beneficiary Mistakes to Avoid

“Before making a decision on a beneficiary, it's very important to check your state laws. Some states have different rules on who you can name as a beneficiary.” Planning for one’s eventual death can be a somber task. However, consider what would occur if you failed to plan: loved ones... Continue reading

Posted Jan 18, 2023 at Barnes Lipscomb & Stewart PLLC

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How Does Guardianship Work?

“If you haven't had any experience with guardianship for adults with dementia, it's likely you don't understand just how complex it is. You are not alone.” For family members of the estimated 6.5 million dementia patients in the U.S., it is crucial to understand whether guardianship may be an option... Continue reading

Posted Jan 17, 2023 at Barnes Lipscomb & Stewart PLLC

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How to Use Qualified Charitable Distributions in Estate Planning

“A qualified charitable distribution is a direct transfer of traditional IRA funds to a qualified charity.” Assets held in Individual Retirement Accounts (IRAs) are unquestionably the best assets to gift to charity, since IRAs are loaded with taxes. One way to relieve this tax burden is by using the IRA... Continue reading

Posted Jan 16, 2023 at Barnes Lipscomb & Stewart PLLC

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What Does a Last Will and Testament Do?

“A last will and testament is essential for every adult. It establishes one’s wishes for distributing their property, whether real or personal, after death.” Your will is the foundation of an estate plan, used to instruct your executor on distributing property, naming a guardian for minor children, creating a legacy... Continue reading

Posted Jan 13, 2023 at Barnes Lipscomb & Stewart PLLC

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Should Each Child Get Equal Inheritance?

“Equally sharing the wealth among the children isn’t always fair, such as when one sibling is the primary caretaker, or another is already wealthy.” Every estate planning attorney has conversations with their clients about how adult children should inherit. While most people assume siblings should all inherit equally, in many... Continue reading

Posted Jan 12, 2023 at Barnes Lipscomb & Stewart PLLC

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What Is a Digital Asset for Estate Planning?

“At any given time, the average American maintains between 30 and 50 online accounts. These may be with banks, financial institutions, utility companies, email providers, social media outlets, commercial shopping or travel sites and accounts unique to technology, such as an account to purchase apps for a smartphone.” Most of... Continue reading

Posted Jan 11, 2023 at Barnes Lipscomb & Stewart PLLC

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What Is Included in an Estate Inventory?

“One of the essential steps in the probate process is filing an inventory of all the assets that are part of the estate.” The executor’s job includes gathering all of the assets, determining the value and ownership of real estate, securities, bank accounts and any other assets and filing a... Continue reading

Posted Jan 10, 2023 at Barnes Lipscomb & Stewart PLLC

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What Happens When Gift and Estate Tax Exemptions Change?

“The federal lifetime gift and estate tax exclusion will increase for 2023, with possible increases for 2024 and 2025. However, these high thresholds are only temporary, unless there is a change in tax law.” The federal lifetime gift and estate tax exclusion will increase for inflation in 2023 to $12.93... Continue reading

Posted Jan 9, 2023 at Barnes Lipscomb & Stewart PLLC

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